In this project, first of all, we practically made researches on Japanese and Korean firms'production, distribution, fund-raising, and settlement methods and/or systems with reference to their Asian business operations. Then, on this basic investigation, we have empirically and theoretically studied on internationalization of Japanese yen, changes of Asian financial flows, development of Asian financial markets, and changing roles of Dollar and Yen in Asia.There are several fruits as follows :(1) examination on Asian growth and capital liberalization (argument about APEC's liberalization of trade and investment, foreign direct investment (EDI) and its impacts on Asian economic development, etc.) ;(2) Asian growth and Japan's trade and investment issues (causality or non-causality between FDI and capital flows, interactive effects of Asian growth towards Yen-internationalization, etc.) ;(3) Japanese and Korean firms'Asian investments and their impacts on Asian financial and settlement markets and systems (Japanese MNCs'Asian investment and fund-raising methods, formation of Asian production and physical distribution systems and their impact on the Asian settlement system, Korean firms settlement and dollar, etc.).We are publishing a book entitled multinational Firms'Asian Investment and Internationalization of Yen (in Japanese) as one of the reports of this project.